At this morning's session, two committee members mentioned that the Obama administration is on board. "It's odd that I should be defending the White House," said Rep. Scott Garrett (R., N.J.), who introduced the amendment that would make permanent the small-company exemption that's due to expire next year. "The White House understands the importance of going forward" with the amendment, he added.

Rep. John Adler, a New Jersey Democrat who supports the amendment, also chimed in that the White House and Treasury Department back the repeal.

That prompted Rep. Paul Kanjorski (D., Pa.), who said a permanent exemption would be a "bad day for the American investor," to ask Adler to identify the administration folks with whom he had talked.

Adler said he discussed the matter three times with White House Chief of Staff Rahm Emanuel.